Economic Transformation Act 2024 · As enacted · Part II
55. Regulations
Official English translation. The Sinhala text prevails.
Official translationFrom Department of Government Printing, unchanged
The Minister may, in consultation with the EC
Board, make regulations in respect of all matters which are required by this Act to be prescribed or in respect of which regulations are authorized to be made.
In particular and without prejudice to the generality of the provisions contained in subsection (1), the Minister may, in consultation with the EC Board, make regulations in regard to –
determine the scope and extent of any exemption or modification of any of the written laws set out in the Schedule to this Part which may be required for the attainment of the objects of this Part especially for the promotion and facilitation of foreign direct investments;
provide for any matter which is deemed necessary to implement the provisions of this Part including but not limited to-
specifying the procedure for investment promotion, facilitation and after care activities through the creation of legal entities and otherwise;
specifying the manner and procedure for the goods and services to be brought into or brought out of any declared investment zone, licensed enterprises or registered enterprises;
specifying the procedure for the promotion of international trade;
specifying the procedure for staff and all other matters connected thereto in respect of section 48:
Provided however, regulations shall not be made under this section providing terms and conditions less favourable than the terms and conditions of employment to which the officers and employees of the BOI holding office on the day immediately preceding the appointed date were entitled;
specifying the fees and charges to be levied for any services provided under this Part;
specifying the categories and criteria of registration and licensing under this Part;
allocation of such staff to the Economic
Commission and they shall be deemed to be employed by the Economic Commission with effect from the date of such regulation; and
require all foreign investments falling under the repealed Board of Investment of Sri Lanka
Law, No. 4 of 1978 to register with the
Economic Commission within a period specified in the regulations made under this section.
Every regulation made under this section shall be published in the Gazette and shall come into operation on the date of such publication or on such later date as may be specified in such regulation.
Every regulation made under this section shall, within three months from the date of its publication in the Gazette, be placed before Parliament for approval. Every regulation which is not so approved shall be deemed to be rescinded as from the date of disapproval, but without prejudice to anything previously done thereunder.
Notification of the date on which any regulation is deemed to be so rescinded shall be published in the Gazette.